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-10.83  /  -0.16%


NAV on 2019/05/17
NAV on 2019/05/16 6747.71
52 week high on 2018/08/31 7489.26
52 week low on 2018/12/24 6723.58
Total Expense Ratio on 2019/03/31 1.17
Total Expense Ratio (performance fee) on 2019/03/31 0
NAV Incl Dividends
1 month change -2.14% -2.14%
3 month change -2.36% -0.67%
6 month change -5.21% -3.57%
1 year change -6.12% -2.7%
5 year change 3% 6.6%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Basic Materials 346.01 2.84%
Consumer Goods 712.49 5.86%
Consumer Services 314.38 2.58%
Financials 2085.25 17.14%
General Equity 270.94 2.23%
Industrials 1347.16 11.07%
Liquid Assets 3387.00 27.84%
Technology 25.22 0.21%
Offshore 3677.99 30.23%
  • Top five holdings
GOVTISSUPAPER 1799.09 14.79%
FINANCIALS 1723.00 14.16%
INDUSTRIALS 1347.16 11.07%
FINANCEINSTIT 1011.61 8.31%
CONSUMERGDS 712.49 5.86%
  • Performance against peers
  • Fund data  
Management company:
PSG Collective Investments (RF) Ltd.
Formation date:
ISIN code:
Short name:
South African--Multi Asset--High Equity
Inflation plus 5%
Contact details




  • Fund management  
Greg Hopkins
Paul Bosman
PSG Asset Management (Pty) Ltd.

  • Fund manager's comment

PSG Balanced comment - Mar 17

2017/09/04 00:00:00
Currently the South African political situation is uncertain, and markets don't like uncertainty.
The two key questions you will most probably have regarding your investment in the PSG Balanced Fund are:
- How has the fund fared during this time? - What is PSG Asset Management doing with your money in light of these developments?
On the first question:
We generally don't comment on such short-term returns. We can however offer some comfort in reminding you that we build robust portfolios and avoid highly concentrated and/or correlated bets. Although the fund holds instruments which are highly impacted by the recent developments, like the equity of South African banks (6.9%) and South African government bonds (12.3%), we also hold counterbalancing instruments. These include domestic cash equivalents (12.4%), foreign cash (2.4%), offshore listed equities (22.1%) and domestically listed rand hedge companies (3.9%). So, roughly 40% of the portfolio is uncorrelated with the current South African sell-off which helps to limit the drawdown.
What are we doing at the moment?
Nothing different to what we do during any other periods of panic. We are gradually applying the large cash reserves in the funds into securities that others are selling on the market. This approach to investing has served us, and others, well in the past.
We are not predicting the outcome of the current political struggles. We are rather buying securities which are trading below a conservative estimate of their intrinsic value. We believe that owning such securities will, in the long-term, serve our clients better than owning cash. Remember that owning a piece of a good company is a far better hedge against inflation (and therefore currency depreciation) than domestic cash.
What should you be doing at the moment?
It is at junctures like these that we emphasise the importance of taking a long-term view as an investor in our funds. We cannot predict the future, but remember that generally fleeing to cash when others are fearful is a very expensive mistake. Very often, good returns are made in bad times.
  • Fund focus and objective  
The PSG Balanced Fund is a specialised portfolio, having the primary objective of long-term growth of capital and a reasonable level of income for investors. The manager shall seek to achieve this objective through active management of a portfolio of assets which comprise a mix of securities, non-equity securities and assets in liquid form. The fund manager has applied a constraint in the mandate of this fund to ensure this fund complies with Regulation 28. The investment policy allows the fund to include listed and unlisted financial instruments (derivatives)
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